Cyclo Therapeutics, Inc. 8-K Report: $1.87M Stock Sale & Warrant Issuance Insights
Here are the key insights extracted from the provided 8-K financial report for Cyclo Therapeutics, Inc. dated December 22, 2020:
- Event Reported: The report pertains to the sale of additional shares of common stock by Cyclo Therapeutics, Inc. as part of a public offering.
- Shares Sold: The company sold an additional 375,000 shares (referred to as "Option Shares") of its common stock.
- Gross Proceeds: The sale of the Option Shares generated gross proceeds of $1,871,250. This amount is before the deduction of underwriting discounts and commissions.
- Total Offering Proceeds: Including the previously closed portion of the offering, the total gross proceeds from the offering reached $14,375,000.
- Underwriter: The shares were sold to Maxim Group, LLC, who acted as the underwriter for the offering.
- Warrant Issuance: As part of the transaction, Cyclo Therapeutics issued an additional five-year warrant to the underwriter, allowing the purchase of up to 7,500 shares of common stock at an exercise price of $6.25 per share.
- Registration Details: The offering was conducted under the company's registration statement on Form S-1, which was filed with the SEC on September 29, 2020, and became effective on December 8, 2020.
- Company Information:
- Name: Cyclo Therapeutics, Inc.
- State of Incorporation: Nevada
- Address: 6714 NW 16th Street, Suite B, Gainesville, Florida, 32653
- Phone: 386-418-8060
- SEC File Numbers: 000-25466 and 59-3029743
- Trading Information:
- Common Stock Trading Symbol: CYTH
- Warrants Trading Symbol: CYTHW
- Exchange: The Nasdaq Stock Market LLC
- Emerging Growth Company Status: The report indicates that the company may qualify as an emerging growth company, although a checkmark was not indicated in the document.
This information highlights Cyclo Therapeutics' recent capital-raising activities, the financial implications of the offering, and important regulatory filings related to the transaction.